PASHA Bank's green loan portfolio stands at 36.8 million manats. This was announced by Bakhrus Nagiyev, Deputy Chairman of the Executive Board of PASHA Bank, at a press conference dedicated to the bank's results for the first half of the year.
Nagiyev noted that renewable energy projects are one of the key areas the bank focuses on in green financing.
"As a country, we have an obligation to ensure that 30 percent of energy production comes from renewable sources by 2035. Steps need to be taken in this direction. We, naturally, are also carrying out activities in this area from a financing perspective," he said.
According to him, the green loan portfolio funds are directed toward financing projects in green transport, circular economy and waste management, sustainable water management, sustainable agriculture, and renewable energy.
The bank representative emphasized that the Shams-1 project is one of the important examples in this area.
"Perhaps one of the main loans I should mention is the Shams-1 solar energy project in Nakhchivan. It is a 25-megawatt project. We participated in it as the main and sole financial partner. We provided financing of about 8.5 million manats," Nagiyev stated.
He noted that the project's significance is not limited to financial indicators and that its positive environmental impact must also be considered.
"We are interested in the financing part, but in my view, its positive contribution to the environment is far more significant. The implementation of such projects is of great importance for ensuring renewable energy," the deputy chairman emphasized.
Nagiyev said that renewable energy projects are of particular importance for Nakhchivan's energy supply.
"Nakhchivan depends on energy supply from third parties, and this is a strategic area. Ensuring renewable energy there and implementing projects in this direction are of particular importance. That is why we participated in this project and provided its financing," he added.
